www.iva.co.uk

Hi

I have 18 months to go before I am required to remortgage my house under the terms of my IVA. I am guessing that my current mortgage will represent about 85%LTV at this time. If this is the case what is the likely outcome as i would expect that I would not be able to get a mortgage with a LTV above 85% but there is obviously some equity there. The house is in joint names so my wife would own 50% of what is left.

Hi smiler and welcome to the forum.
I am no good with mortgages as I have never had one, but I think I have seen if you cannot remortgage then some pay an extra year to the iva. Not positive on this so please wait for other answers.
I as usual cant sleep and have been up since an unearthly hour. Other answers will come.

Ang

Hi Smiler ... and a warm welcome to the Forum from me also.

This is going to be an inceasing problem with the mortgage situation as it now is ... and I think the advice given by Ang above is quite accurate [:)]

How great that you have done so well with and survived your IVA ... always good to hear a success story.

All the best


Debbie

Often your IVA states what figure you have to remortgage up to (mine says 85%) as im already at that figure I dont have to remortgage,and i dont have my IVA extended.
Your not expected to release every penny from your house.

Hi,

We have to try and remortgage at month 54 85% LTV. The repayments cannot be more than 50% of our IVA repayments. We only have to try two reputable mortgage dealers and if we can't get one we just carry on for another 12 months.

It will depend upon the exact wording of the clauses relating to this in your proposal. I suspect that your IP may be required to call a meeting of creditors to determine their wishes in the event that you cannot find a suitable mortgage product to enable equity to be released.